Core Viewpoint - China Aluminum Corporation (Chinalco) has announced a capital increase agreement involving Yunnan Aluminum Foil, which will enhance its production capabilities and align with national carbon reduction strategies [1][2] Group 1: Capital Increase Details - Chinalco's subsidiaries, including Chinalco High-end, Yunnan Aluminum, and Kunming Copper, will contribute a total of RMB 906 million to Yunnan Aluminum Foil, with specific contributions of RMB 229 million, RMB 500 million, and RMB 177 million respectively [1] - Following the capital increase, Yunnan Aluminum Foil's registered capital will rise from RMB 800 million to RMB 1.147 billion, with ownership stakes of 68.31%, 9.06%, 16.70%, and 5.93% held by Chinalco High-end, Northwest Aluminum, Yunnan Aluminum, and Kunming Copper respectively [1] Group 2: Strategic Implications - The capital increase will enable Yunnan Aluminum to optimize its aluminum industry chain, promote local conversion of primary aluminum, and enhance alloying rates, supporting the national "dual carbon" strategy [2] - Yunnan Aluminum Foil plans to establish a new energy high-precision aluminum plate and foil project, which is expected to yield significant economic benefits upon completion [2]

Core Viewpoint - China Aluminum (02600.HK) announced a capital increase agreement involving a total investment of RMB 900 million into Yunnan Aluminum Foil by its subsidiaries [1] Group 1: Investment Details - The capital increase will be executed by China Aluminum High-End, Yunnan Aluminum, and Kunming Copper, contributing a total of RMB 900 million to Yunnan Aluminum Foil [1] - China Aluminum High-End will contribute RMB 229 million in cash, Yunnan Aluminum will contribute RMB 500 million in cash, and Kunming Copper will contribute RMB 177 million, which includes RMB 89 million in cash and RMB 884.5 million in assets [1] - Northwest Aluminum will not participate in this capital increase [1] Group 2: Shareholding Structure - Following the completion of the capital increase, the registered capital of Yunnan Aluminum Foil will rise from RMB 800 million to RMB 1.147 billion [1] - The shareholding structure will be as follows: China Aluminum High-End will hold 68.31%, Northwest Aluminum 9.06%, Yunnan Aluminum 16.70%, and Kunming Copper 5.93% [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 公 告 關連交易 向雲南鋁箔增資 董 事 會 謹 此 宣 佈，於2025年11月21日，中 鋁 高 端、西 北 鋁、雲 鋁 股 份、 昆 明 銅 業 及 雲 南 鋁 箔 訂 立 增 資 協 議，據 此，中 鋁 高 端、雲 鋁 股 份 及 昆 明銅業將以現金或資產向雲南鋁箔增資共計人民幣90,645萬 元，其 中 中鋁高端以現金出資人民幣22,900萬 元，雲 鋁 股 份 以 現 金 出 資 人 民 幣 50,000萬 元，昆 明 銅 業 以 現 金 及 資 產 出 資 人 民 幣17,745萬 元（其 中 以 現 金出資人民幣8,900萬 元，以 資 產（包 括 土 地 使 用 權 和 地 上 建 構 築 物 以 及 相 關 債 權 債 務）出 資 人 民 幣8,845萬 元），西 北 鋁 不 參 與 本 次 增 資。本 次 增 資 完 ...

Core Insights - The central enterprises are advancing specialized integration through the signing of 8 specialized integration projects involving 17 entities, including central enterprises, local state-owned enterprises, and private enterprises, focusing on sectors such as new materials, artificial intelligence, inspection and testing, and aviation logistics [1][2] Group 1: Specialized Integration Projects - The signed projects include collaborations such as Sinopec with Dongfang Electric Group, a carbon fiber project in Inner Mongolia, and FAW Group's integration in the intelligent driving sector with Zhuoyue Technology [2] - Other notable projects involve FAW Group and China Minmetals in the battery key materials supply chain, as well as Chinalco and Ansteel in the industrial internet and smart supply chain sectors [2] Group 2: Objectives and Future Directions - The specialized integration aims to accelerate breakthroughs in key core technologies, strengthen strategic emerging industries, and promote the deep integration of technological and industrial innovation [1] - The State-owned Assets Supervision and Administration Commission emphasizes the need for central enterprises to enhance organizational leadership, ensure legal compliance, and strengthen risk management while focusing on improving core functions and competitiveness [2]

关于云南铝业股份有限公司拟参股投资 中铝铝箔（云南）有限公司暨关联交易的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 股票代码：601600 股票简称：中国铝业 公告编号：临 2025-067 中国铝业股份有限公司 1 资质的专业机构进行资产评估，最终以资产评估报告的结果确定 目标公司的资本，并以此为依据计算增资股东的出资额和所获得 的股权。 3.根据中瑞世联资产评估集团有限公司出具的《中国铝业集团高 端制造股份有限公司拟对子公司引入战略投资者涉及的中铝铝 箔（云南）有限公司股东全部权益价值项目资产评估报告》（中 瑞评报字[2025]第502076号），评估基准日为2025年4月30日，相 关资产情况为：目标公司选取资产基础法作为评估结论，目标公 司全部股东权益评估价值为2,087,409,190.62元（以最终经中铝 集团评估备案金额为准）。 根据北京晟明资产评估有限公司出具的《中铜(昆明)铜业有限公 司拟对中铝铝箔(云南)有限公司进行重组增资所涉及的其拥有 的部分房屋构筑物、土地使用权及个别往来款项价值》 ...

Market Overview - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index dropping by 2.38%, the Hang Seng China Enterprises Index falling by 2.45%, and the Hang Seng Tech Index decreasing by 3.21% [1][2]. Sector Performance - The pharmaceutical sector faced the largest declines, with notable drops in internet healthcare, AI healthcare, biopharmaceuticals, pharmaceutical outsourcing, and innovative drug concepts. Key stocks included: - 3SBio (01530.HK) down 9.44% - WuXi Biologics (01873.HK) down 6.09% - Kingsoft Cloud (01548.HK) down 6.05% - Innovent Biologics (02696.HK) down 5.62% - CanSino Biologics (09926.HK) down 5.39% - JD Health (06618.HK) down 8.6% - Ping An Good Doctor (01833.HK) down 4.28% - Alibaba Health (00241.HK) down 4.46% - Crystal International (02228.HK) down 4.82% - MicroPort Scientific (02252.HK) down 3.55% [3]. Impact of Economic Data - The recent U.S. non-farm payroll data exceeded expectations, leading to a decrease in the likelihood of a Federal Reserve rate cut in December. This has implications for the valuation and financing of innovative drugs, as the cooling expectations for rate cuts may impact investment sentiment [3]. Commodity and Energy Sector - The weakening expectations for a December rate cut have also affected the U.S. dollar index, which surpassed the 100-point mark, putting pressure on the commodities sector. Key declines included: - Ganfeng Lithium (01772.HK) down 12.47% - Tianqi Lithium (09696.HK) down 11.93% - Jinchuan Group (06680.HK) down 6.63% - Lingbao Gold (03330.HK) down 5.47% - China Aluminum (02600.HK) down 4.85% - Chalco International (02068.HK) down 4.74% [4]. Renewable Energy Sector - The power equipment, photovoltaic, and wind power sectors also performed poorly, with significant declines in: - Northeast Electric (00042.HK) down 7.02% - Xinyi Solar (00968.HK) down 7.51% - GCL-Poly Energy (03800.HK) down 5.83% - Yihua Energy (02402.HK) down 6.27% - Flat Glass Group (06865.HK) down 6.02% [4]. Semiconductor Sector - The semiconductor sector saw notable declines, with: - SMIC (00981.HK) down 6.39% - Hua Hong Semiconductor (01347.HK) down 6.09% - Shanghai Fudan (01385.HK) down 3.78% - Beike Micro (02149.HK) down 5.2% [5]. Technology Sector - Other technology-related sectors, including cloud computing and AI, also faced downward pressure, with significant drops in: - Tencent Music (01698.HK) down 5.98% - Baidu (09888.HK) down 5.79% - Alibaba Group (09988.HK) down 4.65% - NetEase (09999.HK) down 3.76% [5].

来源：fm95浙江经济广播 兄弟姐妹们，放量破位，加速赶底，满仓的多数人，今天账户都比较惨烈，很多人本月的利润都在今天回吐完了。 市场全天震荡调整，沪指跌超2%，创业板指跌超4%。沪深两市成交额1.97万亿，较上一个交易日放量2575亿。盘面上个股普跌，全市场近5100只个股下 跌，99只个股跌停。 编辑老章说："这是年内仅次于4月7日的单日最差盘面。" 那只有354只个股上涨，具体分布在哪些板块呢？主要还是集中在两个"老面孔"上： 一、AI应用概念逆势走强，榕基软件5连板。 本周AI应用领域有多个重要产品发布。如谷歌推出Nano Banana Pro（Gemini 3 Pro图像）；阿里巴巴正式宣布"千问"项目，千问APP公测版上线；蚂蚁集 团发布全模态通用AI助手"灵光"；Sora 2等。 开源证券表示，国内头部互联网公司在大模型、C端Agent方面的崛起，有望助力AI应用商业化加速，建议继续布局商业化落地较快的AI应用方向：AI漫 剧、AI广告、AI电商、AI设计。 二、军工板块表现活跃，久之洋20cm触及涨停，江龙船艇、天海防务逆势大涨。 下跌方面，锂电池产业链集体调整，盛新锂能等多股跌停。 11月以 ...

智通财经11月21日讯（编辑 胡家荣）本周港股三大指数集体下挫。截至收盘，恒生指数累计下跌5.09%，报25220.02点；恒生科技指数累计下跌7.18%，报 5395.49点；国企指数累计下跌5.09%，报8919.78点。 电力相关板块：涵盖可控核聚变主题、电力设备、电力运营及公用事业。随着AI发展对电力需求呈指数级增长，该板块在短、中、长期均具备投资机会。 本周港股市场受美联储政策预期调整、地缘政治局势等多重因素影响，呈现较大波动。市场中部分个股显著回调，其中小鹏汽车-W(09868.HK)、宁德时代 (03750.HK)、理想汽车-W(02015.HK)等个股领跌市场。 小鹏汽车与理想汽车的下跌主要因为新势力车企普遍面临行业竞争加剧的挑战，同时传统车企加速电动化转型进程，进一步挤压了新势力品牌的市场份额。 宁德时代的回调则与股份解禁有关。据市场消息，宁德时代近50%的H股IPO基石投资者锁定股份于11月20日正式解禁，涉及股份约7750万股。 机构观点 招商证券在近日发布的研报中指出，市场前期预期的多项边际利好正逐步兑现，但尚未被市场充分定价，这构成了推动市场情绪转向乐观的核心动力。该机 构建议投资者 ...

Core Viewpoint - China Aluminum (02600) has seen a decline of over 5%, currently trading at HKD 10.58 with a transaction volume of HKD 787 million. Goldman Sachs maintains a bearish outlook on aluminum prices, predicting a drop to USD 2,350 per ton by Q4 2026, with recovery not expected until the early next decade [1][1][1]. Group 1: Market Outlook - Goldman Sachs expects the aluminum market to shift to oversupply due to new supply, despite demand benefiting from factors similar to copper and substitution effects. However, aluminum will not face the resource constraints that copper does [1][1][1]. - Morgan Stanley remains optimistic about the aluminum industry's prospects for next year, forecasting moderate oversupply from new supply in Indonesia by 2026. However, potential supply disruption risks and a slower restart of overseas capacity may lead to tighter market conditions than baseline predictions [1][1][1].

Core Viewpoint - China Aluminum (601600) shares have dropped over 5%, currently trading at 10.58 HKD with a transaction volume of 787 million HKD. Goldman Sachs maintains a bearish outlook on aluminum prices, predicting a decline to 2350 USD/ton by Q4 2026, with recovery not expected until the early next decade [1]. Group 1: Market Outlook - Goldman Sachs expects the aluminum market to shift to oversupply due to new supply, despite demand being supported by factors similar to copper and substitution effects [1]. - Morgan Stanley remains optimistic about the aluminum industry's prospects for next year, forecasting moderate oversupply from new Indonesian supply in 2026, but notes potential supply disruption risks and a slower restart of overseas capacity could tighten market supply beyond baseline predictions [1].